I'm running 4.2.2 rooted and unlocked for the 3rd time in two days now (since it was released) and I've yet to encounter any so-called "issues" with ADB like so many others seem to be having. I have the latest Android SDK drivers direct from Google since those are truly the only ones anyone should be using, period, and I've flashed/reflashed/rooted/unrooted/locked/unlocked in both Windows 7 and Ubuntu several times now without a single issue either.
Not sure why people have so many issues with these things, all the info you require is out there - I read the same threads everyone else does but it sure seems like everyone else reports problems 100x more than I've ever even encountered personally.
If you want to go back to 4.2.1 you're going to have to flash the 4.2.1 factory image from Google, and there are like 9 ways to do such a thing, the most obvious and sure-fire method is using one of the toolkits but you must - I repeat
you must have the ADB drivers working properly if it's Windows, and again the only ones I'll even bother with are from Google direct (the ones I'm using right now were pulled from the most current SDK and are dated 8/12/2012 with a version number of 7.0.0.1).
Once that's accomplished both ADB and fastboot work without issues for me, never had a problem at all worth even mentioning and I have 11 Android devices that I mess around with near-constantly from this Nexus 7 all the way back to my trusty HTC HD2.
If you can't get it working in Windows, then Ubuntu is the next best course using the instructions at the bottom of this page to flash the Nexus 7 back to pure stock 4.2.1 which works flawlessly:
https://wiki.ubuntu.com/Nexus7/Installation#Returning_your_Nexus_7_to_Stock_Android
Note: you have to install that Ubuntu Nexus 7 Desktop Installer thing at the top of that page, takes seconds to install (it's just a tiny GUI for command line tools but you won't be using the GUI, it handles the drivers and ADB/fastboot setup as well).
If you're unable to get it functional with that info, well... 4.2.2 ain't bad at all, really.